Looks a lot like silicone, in that it is harmful to fish before it has set fully and been left. In its paste stage it will give off toxins that will be harmful.
The toxin contained in the paste is vinyltrimethoxysilane which is:
Irritating to eyes.
Irritating to respiratory system.
Irritating to skin.
As you can see from the care sheet, an oral ingestation of the product leaves 11300mg of vinyltrimethoxysilane inside a rat. A fish would be breathing, consuming and being constantly in contact with the stuff, probably enough to, if not kill them, certainly harm them and reduce their immune system, inducing stress.
So, even if we ignore the above info: yes it can be used underwater but with the pressure exerted from the volume of water above a crack or split in a tank it is unlikley to stop the water flowing out. However, as a repair where there is no contact with water a fish is in and where the volume of water above the leak is not too great, it should work well.